Up Front
With the expectation that they will make a significant contribution to the growth and development of Cayman's financial industry, Government has appointed ...
New CIMA Directors
Government has appointed Mr. Timothy Ridley, Mr. Linburgh Martin and Dr. Richard Rahn as the three new directors to the board of the Cayman Islands Monetary Authority (CIMA).
Hon. George McCarthy
They replaced Mr. Peter Tomkins, Mr. Arthur Hunter and Mrs. Jennifer Dilbert who the government thanked for their valuable efforts and contribution to the development of the CIMA.
Mr. Ridley, O.B.E., a former senior partner of one of the major law firms in the Cayman Islands, brings his speciality in global Cayman Islands legal practice with particular emphasis on institutional banking, capital markets, corporate/commercial finance, insurance, mutual funds and corporate and high net worth pri- vate client trust matters.
A graduate of Cambridge University (B.A.) and Harvard Law School (LL.M.), Mr. Tim Ridley qualified as a solicitor in England, and later practised as an attorney-at-law and notary public in Cayman for the last 30 years.
He was also recently appointed as a member of the Board of the Health Services Authority. He was awarded the OBE in 1996 for services to the financial industry and the local community.
As a qualified Chartered Accountant, Mr. Martin is a member of the Institute of Chartered Accountants in England & Wales and a member of the Society of Trust and Estate Practitioners.
His several years of audit experience with the Ernst & Young offices in London and Cayman, have been noted as being invaluable exposure to insurance companies, international banking, and mutual funds. As a member of the National Advisory Council, the appointment of Mr. Martin affords the Authority his expertise in policy advice to the Governor in Council on fiscal, economic, socio-cultural and legal matters. Mr. Martin is also a member of the Public Service Pensions Board.
Dr. Rahn, a previous Executive Director of the American Council for Capital Formation, is an economist and syndicated columnist with numerous noted publications such as articles for newspapers and magazines such as the Wall Street Journal, The New York Times, and The Washington Times.
Dr. Rahn brings his expertise and experience as a past advisor to senior government officials on tax and monetary issues in a number of countries. He has also served as the U.S. co-chairman of the Bulgarian Economic Growth and Transition Project in 1990.
Other directors on the Board of the Authority are the Honourable George McCarthy ex-officio Chairman, Mrs. Cindy Scotland Managing Director, Mr. Richard Chalmers and Mr. Michael Austin.
In an interview with Cayman Net News, Mr. Marthy, the Cayman Islands' Financial Secretary, welcomed the new appointments.
He said the knowledge base which Mr. Ridley has developed of the country's financial industry should put him in a very good position to make a significant contribution to the ongoing growth and development of the financial industry.
He added: "In relation to Mr. Martin, his knowledge base also puts him in a very good position to have an intimate understanding of our financial industry. He has a very alert mind like all of the other board members."
Mr. McCarthy said that Dr. Khan brought an international perspective to the board.
"He is very knowledgeable of the international initiatives and how they are likely to impact upon jurisdictions such as the Cayman Islands. It is very useful to have someone of that calibre who would be able to link the demands made against these initiatives in regards to measures we are being invited to implement flowing form those initiatives."
The Financial Secretary said more board members will be added as soon as new legislation is approved during the upcoming meeting of the Legislative Assembly.
He noted that of the additional directors to be appointed it is likely that one will be sought from a country in Europe.
"I would be good to have someone with a European perspective and this will fully complement the construct of the new board," he said.
"We are executing a very careful search. Names are coming to our attention but we have to make sure that the person to be appointed will be able to make a significant contribution to our regulatory regime and financial industry."
The Cayman Islands Monetary Authority was established as a body corporate under The Monetary Authority Law which was brought into force on 1st January, 1997.
The former responsibilities, duties and activities of the Financial Services Supervision Department and the Cayman Islands Currency Board now fall to the Authority which was created from the merger of these two bodies.
According to the CIMA website, the overall benefit resulting from the establishment of the Authority will be the ability to ensure the continuing strength and stability of the domestic currency, and the development and implementation of a regulatory regime which both complies with international expectations, and recognises the specific features of the Cayman financial services industry.
There are more than 580 banks and trust companies with assets of approximately US$747.6 billion, 517 captive insurance companies with assets of US$14.3 billion, and 3,041 mutual funds with estimated assets of US$215 billion registered in the Cayman Islands. Some 40,000 offshore companies are also registered.
In addition, Cayman offers the services of lawyers, chartered accountants and professional corporate managers and other highly skilled professional service providers.
The regulatory environment in which the Islands' financial services industry operates encompasses several elements.
These include modern and evolving legislation, rigorous law enforcement, and international cooperation involving bi- and multi-lateral agreements allowing for the provision of international legal assistance.